The Association of Corporate Affairs Managers of Banks (ACAMB) has said that commercial banks are not hoarding the new naira notes.
In a statement signed by President of ACAMB, Rasheed Bolarinwa, and made available to Journalists, Monday, ACAMB said the entire banking sector is working with the apex Bank and other stakeholders to urgently address constraints in the implementation and ensure that Nigerians suffer no untoward pains in the transition process.
According to the image makers, banks have taken additional measures to quicken the flow of naira notes.
“These measures, among others, include deployment of extra technical supports for online payments, additional security at ATMs to ensure all-clock usage, technological back-up to reduce online downtime to the barest minimum, additional staff deployment to counters to attend to cash transactions and timely interbank and inter-branch networking to bridge any gap. We are confident that these measures, in addition to efforts by the regulatory CBN, will result in greater ease of access and cash liquidity.
“ACAMB AFFIRMS without any equivocation that Banks are not in any way hoarding or holding back naira notes or engaging in any act inimical to our avowed commitment to exciting customer experience. ATMs are being loaded every day and cash is being paid as provided by the CBN, as regularly being checked by CBN Inspectors and other regulators including anti-graft agencies.
“The federal government and the CBN have reiterated similar readiness to address any constraint in the cyclical flow, including making adjustments, where necessary. ACAMB urges the Nigerian banking public to exercise patience and not to resort to any untoward behavior against Bank staff or banking facilities. Nigerian Banks, majority of which are publicly quoted, are owned by millions of Nigerians and provide employment to several millions of staff, who work 24/7 to ensure that the generality of Nigerians have reliable and secured, globally competitive banking services.
“The redesigning of naira notes safeguards the Nigerian economy and the country’s sovereignty, by strengthening the nation’s currency flow and control. We believe that ongoing concerted efforts will address the constraints currently being experienced in the cyclical flow of the new naira notes and the legal tenders generally,” it said.
While sympathising with Nigerians on the unintended effect of the policy, the Banks’ image makers assured that the Banks are currently working with the CBN to ensure that customers have access to cash through ATMs and other channels as well as Over-The-Counter (OTC) in the banking halls.
ACAMB used the opportunity to condemn attacks on bank staff and facilities saying it is “detrimental to the interest of the general banking public to disrupt banking operations by untoward actions against Bank staff or vandalisation of banking facilities.
“ACAMB implores Nigerians to consider the big picture of the advantages of the redesigning of the naira and enhanced cashless policy, and therefore exercise patience, as stakeholders work to ensure normalcy. Customers must demonstrate ownership of their Banks and eschew any act that could lead to the disruption of banking operations or damage of banking facilities.
“Nigerians to the Nigerian banking industry owes its global success as a leader in digital banking to its enthusiastic customers and remains committed to do everything possible to ensure customers continue to have delightful experiences; in the banking halls and across the electronic and other alternate channels,” ACAMB explained.
ACAMB said it would continue to engage all stakeholders and stimulate effective communications to foster greater understanding and forbearance.
